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Mohegan Gaming & Entertainment (MGE) Announces Major Expansion of Premier Northwestern U.S. Property

October 9, 2020

MGE-Managed ilani Reveals Plans for Brand-New Restaurant Venues, Additional Gaming Space and Hotel Tower

UNCASVILLE, Conn., Oct. 9, 2020 /PRNewswire/ — Mohegan Gaming & Entertainment, manager of ilani in Ridgefield, Wash., is pleased to announce major updates to its premier northwestern U.S. property as the brand continues its upward momentum in developing integrated entertainment resorts (IER) worldwide. In partnership with the Cowlitz Tribe, Howard S. Wright and Friedmutter Group, ilani will feature additions to its exterior and interior designs, including two new restaurant venues, expanded gaming space, as well as a 14-story hotel tower.

The expansion is an extension of MGE’s global growth strategy and the Cowlitz Tribe’s long-term vision for its reservation, following the completion of ilani’s Meeting & Entertainment Center, parking garage and convenience store.

“On the heels of combatting many challenges this year, we are thrilled to announce the expansion and growth of ilani, bringing

Canada’s Major Airline Offering Free Covid-19 Health Insurance To International Travellers

October 8, 2020

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In a desperate bid to get Canadian travelers to go abroad once again, Canada’s biggest airline, Air Canada, is offering passengers free Covid-19 medical insurance, even as the Canadian government continues to advise against non-essential travel.

Air Canada announced that it will now be including complimentary COVID-19 emergency medical and quarantine insurance for eligible passengers who book round-trip international flights. The coverage will be available for new bookings made in Canada from September 17 until October 31, 2020. The airline hopes that the free insurance will give customers added confidence when booking flights and travelling abroad.

“At Air Canada, we know people have personal, family and business reasons to travel. To give them greater confidence as they do so, we have engaged Manulife to offer all Canadian residents complimentary COVID-19 emergency medical & quarantine

OPEC, in Major Shift, Says Oil Demand to Plateau in Late 2030s | Investing News

October 8, 2020

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LONDON (Reuters) – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits.

The prediction from the Organization of the Petroleum Exporting Countries, made in its 2020 World Oil Outlook, comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand.

Oil use will rise to 107.2 million barrels per day (bpd) in 2030 from 90.7 million bpd in 2020, OPEC said, 1.1 million bpd below its 2030 forecast last year and over 10 million bpd below its 2007 prediction of 2030 demand.

“Global oil demand will grow at relatively healthy rates during the first part of the forecast period before demand plateaus during the second half,”

Major European Markets Close Weak After Choppy Session

October 7, 2020

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(RTTNews) – European stocks saw a choppy session on Wednesday as investors appeared somewhat clueless about a potential new coronavirus relief plan as they digested a couple of treats from U.S. President Donald Trump.

Markets were also reacting to updates about coronavirus spread. In France, new coronavirus cases continued to see a daily rise of over 10,000. The French government has placed Paris on maximum Covid-19 alert.

Trump had tweeted Tuesday afternoon that he has instructed his administration’s negotiators to stop stimulus discussions with Democrats until after the presidential election, triggering heavy selling in the U.S. market.

Later on Tuesday, Trump indicated he would support individual stimulus measures after calling off negotiations over a broader relief package.

“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for

Major Gulf bourses gain as financials lead

October 6, 2020

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FILE PHOTO: A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser

(Reuters) – Major Gulf stock markets edged higher in early trade on Tuesday, helped by financial shares, with Dubai on track to end three sessions of losses.

Saudi Arabia’s benchmark index .TASI increased 0.6%, with Al Rajhi Bank 1120.SE rising 0.9% and telecoms firm Etihad Etisalat 7020.SE jumping 5.1%.

Dubai’s main share index .DFMGI gained 0.6%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 1% increase in Emirates NBD Bank ENBD.DU.

The Abu Dhabi index .ADI edged up 0.2%, supported by a 0.2% gain in the country’s largest lender First Abu Dhabi Bank FAB.AD.

The United Arab Emirates has resumed granting work permits for foreigners employed by government and semi-government entities as well as entry permits

Japan eyes stress test on major banks to gauge impact of COVID-19 on capital

October 6, 2020

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By Leika Kihara

TOKYO, Oct 6 (Reuters) – Japan plan to conduct stress tests on its five major financial institutions this year that look into how the coronavirus pandemic could affect their earnings and capital, the central bank said on Tuesday.

Unlike many Western nations, where regulators stress tests many banks simultaneously based on standardised risk scenarios, Japan had relied on stress tests conducted individually by each bank.

As prolonged ultra-low interest rates prod major banks to diversify operations in search of yields, however, Japanese authorities decided to align their approach to that of their overseas counterparts, the Bank of Japan (BOJ) said in a report.

For the first time, the BOJ and banking regulator Financial Services Agency (FSA) conducted joint stress tests on five major financial institutions in December, it said.

The regulators presented its findings to the five institutions – Japan’s three megabanks plus Norinchukin Bank and

ECB Takes Major Step Toward Introducing a Digital Euro

October 2, 2020

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(Bloomberg) — The European Central Bank will start experimenting with a digital version of the euro while holding a public consultation in a major step toward introducing the technology.

a close up of a logo: A hologram with the · symbol shines on a 200 euro banknote.

© Photographer: picture alliance/picture alliance
A hologram with the · symbol shines on a 200 euro banknote.

“Our role is to secure trust in money,” President Christine Lagarde said as the ECB published a study into the benefits and drawbacks of a digital currency. “This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”

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The consultation will start Oct. 12, and the experiment will be held in parallel. The ECB said it will decide toward mid-2021 whether to launch a digital euro project, which would start with an “investigation phase.”

Cryptocurrencies such as Bitcoin, while regularly criticized by central bankers as little more than

Major US Firms Roll Out Parade Of Layoffs Over Virus Crisis

October 2, 2020

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Hit hard by the coronavirus crisis and with new government stimulus funding in limbo, Disney, American Airlines and United Airlines announced 60,000 layoffs in just 24 hours — leading a barrage of job losses a month before US elections.

Insurance firm Allstate warned Wednesday that it would have to cut 3,800 jobs, and Marathon Petroleum is slashing more than 2,000 jobs — 12 percent of its workforce.

No sector is expected to be spared in the wave of layoffs and furloughs.

Financial giant Goldman Sachs is cutting what it called a “modest” total of about 400 people, ending a moratorium on job reductions that it imposed as the pandemic took hold.

American Airlines is one of many major US companies laying off workers in the face of coronavirus-related woes Photo: AFP / Daniel SLIM

New jobless claims data from the Labor Department did not brighten the picture, with 837,000 new

Treasury offers coronavirus relief loans to seven major US airlines

September 30, 2020

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The Treasury Department announced it offered loans to seven major U.S. airlines on Tuesday, including Alaska, American, Frontier, JetBlue, Hawaiian, SkyWest and United.

Each airline could receive a multi-billion dollar loan from the Treasury, which is responsible for doling out $25 billion in funding for airlines that Congress approved in the CARES Act earlier this year.

The CARES Act authorized such loans to provide liquidity to businesses devastated by the coronavirus pandemic.

The Treasury said it expects initial loan amounts per airline to increase due to some of the airlines determining not to move forward with the loans due to the availability of private financing, though under the outlined terms, no airline will receive more than a $7.5 billion loan.

Airlines have until Sept. 30 to accept the CARES Act-sanctioned loan. Delta and Southwest already indicated they will not accept a loan.

“The payroll support and loan programs created by

Major Chinese Banks Make Rare Cuts to Foreign Currency Deposit Rates | Investing News

September 29, 2020

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SHANGHAI (Reuters) – Chinese commercial banks have made rare cuts to their foreign currency deposit rates in recent weeks to reflect the easier monetary policies of overseas economies grappling with the fallout from the coronavirus pandemic.

The move is expected to encourage Chinese companies and households to covert their often large foreign currency holdings to yuan and dampen speculative purchases of foreign currencies, analysts said.

Bank of Communications <601328.SS> <3328.HK> said on Saturday that it was lowering interest rates on deposits below $3 million in certain foreign currencies.

The one-year dollar deposit rate at all of China’s “big five” state banks now stands at 0.35% which compares with levels of 0.75-0.8% previously, according to data from the lenders.

In contrast, the benchmark one-year yuan deposit rate is much higher at 1.5%. Long betting that the yuan would eventually depreciate, Chinese companies and households have heavily invested in foreign currency assets.